NELP-VIII AND CBM-II to be launched soon

The Minister of Petroleum & Natural Gas Shri Murli Deora has informed the members that the next round of the New Exploration Licensing Policy (NELP-VIII) and the fourth round of Coal Bed Methane (CBM-IV) blocks is slated to be launched in early 2009. With the signing of Production Sharing Contract blocks under NELP-VII on 22nd December, 2008, a total of 203 PSCs have now been signed under NELP regime.

Stating that the area under exploration has increased more than four times now covering 47.5% of Indian sedimentary basinal area, he said, "during XI plan period, area under exploration has been targeted as 80% of total area of Indian sedimentary basins".

The Minister also referred to the increase in Indian refining capacity to 177.97 million tones per annum (MMTPA) with the commissioning of 29 MMTPA refinery at Jamnagar (SEZ) in December, 2008. Of the total refining capacity, he elaborated that 105.5 MMT is in the Public Sector and the balance 72.47 MMT is in the private sector.

"The country is not only self-sufficient in the refining capacity for its domestic consumption but also exports petroleum products substantially" Shri Deora stressed.

Source : Equity Bulls

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